Asset managers are extremely bullish on US equities: Net long positioning by asset managers in S&P 500 futures is up to 49%, near the highest on record. Since 2022, net exposure has surged +400%. Current positioning is now nearly double the long-term average of 26% and sits more than 2 standard deviations above historical norms. Furthermore, net long positioning in Nasdaq 100 futures is near the highest in a decade. Meanwhile, the S&P 500 has recorded 37 all-time highs this year, the 3rd-highest since 2020, after 57 last year and 70 in 2021. Risk appetite for stocks is historically strong.(The Kobeissi Letter)